FSA publishes path to Solvency II
Daily news headlines
The FSA has published its risk management roadmap to Solvency II
LONDON – The Financial Services Authority (FSA) has published a discussion paper outlining the UK path to Solvency II. The regulator’s paper, entitled ‘Insurance Risk Management: The Path to Solvency II’, is a risk management roadmap to aid UK insurers’ compliance with the European Union directive, scheduled for legislation in October 2012.
The paper outlines a number of functions that insurance firms will need to perform for the implementation of the directive’s requirements. The first part focuses on quantitative and technical aspects of the capital requirements, such as capital add-ons, outsourcing and supervisory reporting. The later chapters focus on more qualitative aspects such as tests and standards expected from firms, and changes to UK supervisory practice once the directive has been implemented.
Agreement on the Level 1 framework of Solvency II is expected late this year or by early 2009. It will then fall to the EU Committee of European Insurance and Occupational Pensions Providers to work with the European Commission, providing technical advice and consultation. This process will, according to the timetable, be completed by late 2010 – allowing for the ironing out of the directive’s Level 2 detail for its 2012 roll-out.
The paper can be viewed by clicking the link below.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Banks will not be frowned upon for discount window borrowing – Fed official
Risk Live: more banks have completed paperwork to access Fed lending facility than a year ago
Capital One puts OCC’s tough stance on mergers to the test
Proposed Discover deal should be approved but will go under the microscope, ex-regulators say
As FCMs dwindle, regulators fear systemic risk
Panellists highlight dangers of clearing membership becoming more concentrated
EU banks fear green asset ratios paint an unfair picture
Industry lobbyist clashes with lawmaker over usefulness of new sustainability disclosure
EU watchdogs to launch prop trader capital review in April
Prop traders say bank-style IFR rules are driving them out, but doubt EBA will suggest changes
Investors say new SEC disclosures may sit on shelf
Advisory committee questions value of rule 605 changes, even for retail investors
CFTC hears ‘call to action’ from swaps end-users on Basel III
Commissioner Pham mulls engaging with prudential regulators over capital hit on clearing
Iosco gears up for ‘intensive work’ on AI regulation
Watchdogs risk ‘falling behind the curve’, secretary-general warns; FSB also working on guidance
Most read
- Top 10 operational risks for 2024
- As FCMs dwindle, regulators fear systemic risk
- Top 10 op risks: AI fears drive cyber risk to record high